August, 2023

• 24 August

  India needs $13trn to hit net zero emissions by 2050

  

  BLOOMBERG India will need to invest $12.7 trillion in its energy system, or more than three times its gross domestic product, to reach net zero emissions by mid-century and help the world avert disastrous planetary warming, according to BloombergNEF. Hitting that target early — ahead of India’s official goal of 2070, which lags the world’s largest economies — will require ...

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• 24 August

  Nasdaq futures increase 1% as Nvidia stokes tech rally

  

  BLOOMBERG Nasdaq futures rallied as a strong outlook from Nvidia Corp gave fresh impetus to the artificial intelligence (AI) hype that’s boosting tech stocks this year. Nvidia advanced 7.9% in premarket trading after the chipmaker delivered a third straight sales forecast that beat analysts’ estimates, while tech giants such as Apple Inc and Microsoft Corp also rose. Contracts on the ...

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• 24 August

  Chinese real estate stocks gauge on cusp of erasing reopening rally

  

  BLOOMBERG Chinese real estate stocks are close to losing all the gains notched during last year’s massive reopening rally as troubles mount for the debt-laden sector. A Bloomberg Intelligence gauge of real estate stocks trading on the mainland and in Hong Kong is less than 3% away from piercing below its end-October trough, which was the lowest since 2011. The ...

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• 23 August

  UAE President issues law on Abu Dhabi’s punitive, correctional establishments

  

  ABU DHABI / WAM In his capacity as the Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has issued a law regarding punitive and correctional establishments in Abu Dhabi. The law shall transfer the responsibility of managing punitive and correctional establishments, as well as juvenile facilities in Abu Dhabi, from Abu Dhabi ...

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• 23 August

  HKSTP’s chief reveals new plans to expand operations in UAE, ME

  

  HONG KONG / WAM Albert Wong, CEO of Hong Kong Science and Technology Parks Corporation (HKSTP), has revealed the corporation’s plans to expand its operations and attract more companies from the UAE and the Middle East to explore business opportunities in Hong Kong. Hong Kong is building a green tech and green finance hub, with HKSTP set to host a ...

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• 23 August

  ‘COP28 affirms Arab role in tackling climate change’

  

  CAIRO / WAM Jamal Jaballah, Former Plenipotentiary Minister of the Arab League and Former Coordinator of the Arab Negotiating Group on Climate Change, said the UAE’s hosting of COP28 is a source of honour for every Arab, as it is one of the world’s largest gatherings. In his statement to the Emirates News Agency (WAM), Jaballah lauded the UAE’s pivotal ...

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• 23 August

  82% of employees in UAE open to firms investing in their end of service benefits

  

  DUBAI / WAM National Bonds, the savings and investment company, said that 82 percent of employees in the UAE are open to employers investing in their end-of-service benefits. This insight strongly aligns with National Bonds’ strategic objective of introducing new saving solutions that cater to different segments of the population. In line with the growing demand for such solutions, and ...

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• 23 August

  Wetex, DSS promotes circular economy adoption in UAE

  

  DUBAI / WAM The Water, Energy, Technology, and Environment Exhibition (Wetex) and Dubai Solar Show (DSS) is a platform that sheds light on the sustainable circular economy in the UAE. It encourages global partnerships and investments to support innovation and adopt sustainable solutions and technologies in this field. This contributes to reducing risks, greenhouse gas emissions and costs. It also ...

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• 23 August

  Emirates flies over 14 million passengers this summer

  

  DUBAI / WAM Emirates, the world’s largest international airline, marks one of its busiest summers ever, carrying over 14 million passengers with average seat load factors exceeding 80 percent across its global network between June and August. Looking at the coming months, Emirates’ booking trends show unabated demand for international travel across its network. Destination Dubai remained popular amongst travellers, ...

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• 23 August

  Third Islamic Treasury Sukuk auction achieves exceptional results

  

  ABU DHABI / WAM The UAE, represented by the Ministry of Finance (MoF), as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the third dirham-denominated Islamic Treasury Sukuk auction (T-sukuks), which is part of the T-sukuks issuance program for 2023. The third auction of the ...

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